A key for the above chart to define the horizontal lines and dots. For further explanation, see this link:
First trade basically a scratch. Second trade (short) I took some off but then added back (two down arrows). The up-arrow with an "x" under it reflects a long entry that I considered, but didn't take. Final trade (long) was scaled out of in 4 parts, the final exit was based on the overnight highs at $146.04.
The higher time frame you can perhaps argue the presence of a head & shoulders pattern (65min chart). I'll be watching the 3/10macd on that time frame to see if it goes green (and has a fast line/slow line cross) or if it ticks back down. Essentially under $145.50's bearish and over $146.25s bullish.
Interesting to note the severe lack of negative TICK readings so far this year (the sub-graph in the chart below is a smoothed version of the TICK)
No comments:
Post a Comment